Sweed was not a reach, nor was he 'snake-bitten'.
While some are hidden gems, he had hidden flaws.
His hands were NEVER great. At tu his junior year, Vince Young was running rampant all over the country. Sweed was always open for mid-range passes since he was always 'half' covered. He caught ALOT of wide open 20 yard passes. He is indeed athletic, but when covered, he's not very good. In the NFL, you are covered. He had never been asked to make a catch with anyone covering him since he missed his senior year.
I think had he played his senior year, he would have been exposed without VY. He would have been drafted, maybe still in the second round, but expectations would have been lower.
I fully back the Steeler's scouting department 98% of the time, but think they may have missed here. There were reasons to be wary of this kid and not just his athletic ability.